Buy Bitcoin using PayID

PayID is a deposit method that lets you pay instantly using your bank account.  It was recently introduced by Australian Banks.  Using PayID you can transfer money instantly using just an email address.  It’s a bit like PayPal but works directly from your bank account.

Buying Bitcoin Using PayID

CoinSpot, my favorite cryptocurrency broker has just started offering support for PayID deposits.  And at the moment there is no fee.  I tested out using PayID this morning and the process was really easy.

To use PayID with CoinSpot you simply send money via your internet banking app to the email address coinspot provides.  And you just need to include your customer reference number in the description field.  Coinspot has put together really good documentation as well, so you won’t have any troubles.

The deposit showed up in my coinspot account within a few minutes.  It should in theory be instant, but apparently banks delay the payments if you’re paying someone new.  But this delay is only ever a couple of minutes.

Why Buy with PayID?

Here is why I’m excited to use PayID:

  • It’s Instant – no more needing to wait for bank transfers to complete.  On CoinSpot funds should appear in your account instantly.
  • It’s Secure – your payment is as secure as your bank account, which is pretty secure.  You don’t need to give up any personal information.
  • It’s free – At the moment, CoinSpot doesn’t charge any fees for PayID deposits.  This might change in the future but I hope it doesn’t.

Why use Coinspot?

Coinspot is a trusted Australian exchange with a huge range of different cryptocurrencies.  I’ve been using CoinSpot for the past couple of years and never had any problems using them.  Being able to buy cryptos instantly using my bank account is a huge deal.

CoinSpot has also announced faster BPay Deposits and faster withdrawals.   So this is good news all round.

You can find out more about CoinSpot here

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